A note about responsibilities from Herbjorn Hansson

Hamilton, Bermuda, February 21, 2017

A NOTE ABOUT RESPONSIBILITIES FROM HERBJORN HANSSON

Headquartered in Bermuda, NAT is an international crude oil tanker company founded and run by the undersigned as Chairman and CEO.  Listed on NYSE, we have offices and representatives in several other countries as well.

http://bbn.firetrench.com

 

Our office in Sandefjord, Norway, deals with corporate management, including communication with the NAT board, IR matters, quality assurance, cost control, accounting, macroeconomics and any issues related to US capital markets.  Turid M. Sørensen (Ms) is the CFO & NAT Executive Vice President, focusing on the cost side of the business and on the responsibilities of the Sandefjord office as outlined above.

 

Erik Tomstad is head of NAT chartering, focusing on employment of our 33 vessel suezmax fleet.  He is NAT Executive Vice President – Chartering.  Together with colleagues, he works out of our office in Oslo.  Erik is responsible for the details of day-to-day chartering, and along with myself deals with the sale and purchase of vessels.

 

Some special matters are handled directly by me. Risk management and strategy are important parts of my work, as are geopolitical matters involving countries such as Sudan, Iran, Libya and Russia.  Also under my purview are safety and environmental issues and relationships with customers, including major oil companies such as ExxonMobil, Shell, BP, Indian interests, Chevron, Unipec and others.

 

Both Turid and Erik report to me and are on the same organizational line. My colleagues on the NAT board and I are very pleased with the quality of their work and their respective groups.

 

The competence of NAT is further strengthened by our four part time advisors who have a wealth of managerial expertise in the field of international business above all related to oil, energy, economics and maritime affairs.

 

Herbjørn Hansson

Nordic American Tankers Limited

Chairman & CEO